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2007-06-13 CC
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2007-06-13 CC
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<br />"Minimum Improvements" means the improvements to be constructed on the <br />Development Property for each applicable Phase or Sub-Phase. The parties' current <br />understanding as to what will constitute the Minimum Improvements, and the Phases and Sub- <br />Phases thereof, is generally depicted on Schedule C . to this Agreement The Minimum <br />Improvements will be more SPeCifically defined pursuant to Section 3.3(c) and 3.4(c). <br /> <br />''Mortgage'' means any mortgage or security agreement in which the Developer has <br />granted a mortgage or other security interest in the Development Property, or any portion or <br />Parcel thereof, or any improvements constructed thereon, and which is a permitted encumbrance; <br /> <br />"Net Proceeds" means any proceeds paid by an insurer to the Developer or the City or the <br />City under a policy or policies of insurance required to be provided and maintained by the <br />Developer and remaining after deducting all expenses (including fees and disbmsements of <br />counsel) incurred in the collecti,on of such proceeds. <br /> <br />''Note'' or -''Notes'' means any tax increment revenue note or notes issued by the City as <br />reimbursement to the Developer for Public Development Costs incurred and paid by the <br />Developer for each Sub-Phase, each of which notes shall be substantially in the form of the note <br />attached hereto as Schedule F. <br /> <br />"Parcel" means a portion of the Development Property on which a Phase or Sub-Phase <br />will be constructed. <br /> <br />"Permitted Encumbrances" means the encumbrances described in Schedule B to this <br />Agreement <br /> <br />"Person" means any individual, corporation, partnership, joint venture, association, joint- <br />stock company, trust, unincorporated organi7.ation, or government or any agency or political <br />subdivision thereof. <br /> <br />"Phase" means the development of the Development Property pursuant to this Agreement <br />in the following separate consecutive order: Phase I, Phase IT, Phase ill or Phase IV. Each Phase <br />will be completed prior to the parties being bound to proceed to any subsequent Phase. <br /> <br />"Phase r' means that portion of the Minimum Improvements currently anticipated to be <br />constructed on Blocks [1, 2, 7, 8 & 9] of the Development Property. It is currently anticipated <br />that Phase I will consist of the construction of the following in four (4) Sub-Phases: (a) _ <br />L-) for-sale townhomes ("Sub-Phase I-Bl-2''), (b) L-) affordable [tax credit] rental <br />units ("Sub-Phase I-B7''), (c) () square feet of first floor retail space and at <br />least _ L-) rental units ("Sub-Phase I-B8''), and (d) () square feet <br />commercial building ("Sub-Phase I-B9''). It is currently anticipated that Phase I will be financed <br />according to the sources and uses attached hereto as Schedule C-1. <br /> <br />"Phase IT" means that portion of the Minimum Improvements currently anticipated to be <br />constructed on [Blocks 5, 6 and SWC/EHj of the Development Property. It is currently <br />anticipated that Phase IT will consist of the construction of the following in three (3) Sub-Phases: <br />(a) _ L-) square feet of first floor retail space and at least _ L-) rental units ("Soo- <br /> <br />4 <br />
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